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Plus, we've got news on actual robots, who are threatening to pit humans against machines. That's not always a good thing. Companies love to hire Amazon alumni who inject their firms with Jeff Bezos' metrics-focused style. Amazon-trained leaders (sometimes known as "Jeff Bots") have founded more than 650 startups, and swaths have joined the industry's top C-suites, contributing to the "Amazonification" of said firms. Now, humans need to determine how to synchronize our labor with the souls of new machines — before things get out of hand.
On TikTok and YouTube, "passive income" side-hustles have skyrocketed in popularity. On TikTok and YouTube, influencers are getting rich while spreading dubious financial advice for how to make money fast — and failing to give viewers a full picture of the risks involved. Followers can make hundreds — if not thousands — of dollars in passive income by renting out property, day-trading, or dropshipping, influencers say. Instead, creators sell courses that promise to teach people how earn money through passive income — helping them get rich while selling the dream of easy cash. These financial influencers are drawing in a lot of young people: A recent survey found that 34% of Gen Z consumers obtain financial advice from TikTok, while only 24% of this age group seek advice from financial advisors.
From the "Great Resignation" to "quiet quitting" and even "quiet firing," there's a slew of new words that encapsulate the state of work today. Amazon, Meta, and other big tech firms have entered the "Great Hesitation." With economists and business leaders predicting a looming recession, leaders at large-cap tech companies are in an anxious waiting game — and they're starting to cut hiring and other costs as they prepare for the storm to hit. "I think all of these companies are in this so-called 'Great Hesitation,'" one tech-investment fund leader said. Injecting Amazon DNA into a startup by hiring its alumni is a common tactic, according to one 20-year Amazon veteran.
On the agenda today:But first: Senior healthcare reporter Shelby Livingston is giving us a behind-the-scenes look at her reporting on Elemy, a startup that insiders say often failed to provide the quick access to autism care that it had promised. This week, I reported how SoftBank-backed Elemy aimed to transform autism care — but insiders say the $1.15 billion startup overpromised on its capacity to treat kids. More than 20 former and current employees spoke with me for this story. After an initial assessment, Elemy told them they'd be in therapy in no more than eight weeks. Here's what Compass insiders told us.
After months of talking about it, Netflix has finally released more details about its newest subscription tier, "Basic with Ads." I've got the deets you'll want to know about Netflix's new plan, so let's get into it. At $6.99 per month, the subscription is $3 less than Netflix's basic ad-free plan — but it will also come with more restrictions. Here's what we know about the plan, "Basic with Ads," available starting next month:If you subscribe to the ad plan, Netflix says you can expect four to five minutes of ads per hour. Basic with Ads will become available in Canada on November 1, and in the US and UK on November 3.
But some platforms are trying to detoxify social media. Twitter; Mastodon; Vicky Leta/Insider1. One pioneering platform is working to detoxify social media. Once championed as heralds of a more interconnected world, social media has instead contributed to loneliness, low self-esteem, and the proliferation of harmful disinformation, Evan Malmgren writes. With 4.4 million users, Mastodon looks like Twitter, but rather than a single website, it's an open-source software platform that allows users to run self-hosted, "federated" social networks.
We spoke with one tech founder who moonlights as a ghostwriter for prominent VCs, and rakes in hundreds of thousands of dollars — sometimes for a single thread. Below, we've got an inside look at the lives of Twitter ghosts, a job that, in one ghostwriter's case, is "60% shitposting." Top VCs are paying ghostwriters big bucks to craft tweets for them. This person — a founder of a tech startup — started ghostwriting as a side hustle, taking five hours out of his week to come up with original tweets. VCs, on their hunt for the next superstar startups, must establish themselves on Twitter, and write the kind of content that will get the attention of young founders.
For starters, the company is hosting its second major sale event of the year, its two-day Prime Early Access Sale. Prime members can expect to get some holiday shopping knocked out with deals on everything from Amazon devices to kitchen tools. The e-commerce giant has been on a shopping spree this year, snapping up companies from One Medical to iRobot. As Amazon reaches hundreds of billions of dollars in sales, it needs to move beyond its traditional retail and cloud businesses. The Prime Early Access Sale starts today and will continue until tomorrow, offering early access to holiday deals.
The era of the Big Tech moonshot is over
  + stars: | 2022-09-29 | by ( Jordan Parker Erb | ) www.businessinsider.com   time to read: +5 min
Each of these ideas is a "moonshot," or a radical, potentially world-changing project that Big Tech companies have worked on in recent years. Is the era of Big Tech moonshots over? For years, companies like Amazon, Google, and Facebook dumped money and energy into radical, potentially world-changing projects. But recently, Big Tech firms have been scaling back their ambitions — and have instead turned to a Wall Street-appeasing pragmatism. It comes after Amazon workers of all types have been pushing for higher pay for years.
Well, we took the guesswork out of it for you by analyzing some data to determine just how much different companies pay their employees. Positions we looked at included data scientists, data engineers, senior analysts, and more — see how their salaries stack up. Positions we looked at included data scientists, data engineers, senior analysts, and more — see how their salaries stack up. Finally, take a look at Insider's Big Tech salary database to see how much Apple, Microsoft, Intel, Facebook, and other companies pay their workers. By combing through data, Insider got a sense of how companies like Google, Hulu, and Disney pay their employees.
That's right: Amazon has confirmed it's hosting another Prime Day-esque event, slated to take place next month. It's official: Amazon is hosting a second "Prime Day" sales event. Here's what we know so far:The "Prime Early Access Sale," will be held on October 11 and 12. As with Prime Day, the Prime Early Access Sale is exclusively available to Amazon Prime subscribers. But as long as you sign up before the event ends on October 12, you'll be able to partake.
Compassionate Eye Foundation/Martin Barraud/OJO Images Ltd / Getty Images1. Who's most at risk during layoffs? Contract workers: At the highest risk are contract employees, which companies use for this very contingency. They want to remain flexible in case of a downturn, and as such, contract employees are usually the first ones out. Special interest groups representing Big Tech companies oppose possible crypto regulation in California. Cryptocurrency companies may soon be required to get a license to operate in the state, and industry groups representing Amazon, Apple, Meta, and other tech companies wrote to the state assembly opposing the law.
On the agenda today:But first: This week, Insider launched its inaugural Climate Action 30, a prestigious list of leaders working toward climate solutions. Lily Katzman, an associate editor on our Special Projects team, gives us a behind-the-scenes look at the project. InsiderWhen we say climate heroes, the usual suspects — think Greta Thunberg and Al Gore — come to mind. That's where Insider's Climate Action 30 comes into play. ReutersDavid Solomon, Goldman Sachs' CEO, moonlights as an electronic-music DJ, playing high-profile gigs like the Lollapalooza music festival and Tomorrowland, a Belgian music festival.
We're looking at that and more today — but first, let's kick things off with the latest on Amazon compensation. Leaked email reveals that Amazon is walking back employees' raises. A software bug caused Amazon to overstate some corporate employees' raise packages, according to the email. Per the email, the glitch caused Amazon to overstate bonuses for recently-promoted employees by relying on older, higher stock prices for Amazon shares. In response, Amazon nearly doubled its base pay cap and promised raises, but that wasn't enough to quell the gripes.
Today, we're kicking things off with my colleague Eugene Kim's look at a (secret) new team at Amazon. Amazon CEO Andy Jassy is trying to fix the company's crumbling engineering culture. According to leaked documents, Amazon formed the "Amazon Software Builder Experience" group to "focus on improving the experience of software builders across Amazon." Some Amazon engineers have expressed that they're "overwhelmed" by mundane software upgrade work, manual testing and deployment, and hard-to-use developer tools. The Meta CEO announced on Instagram: "Happy to share that Max and August are getting a new baby sister next year!"
Two months after Elon Musk declared his intent to acquire Twitter in a $44 billion deal, the billionaire spoke directly with employees at the company. Musk's meeting with Twitter employees covered everything from aliens to layoffs, but did little to reassure workers, according to people with knowledge of the matter. According to the Twitter workers, who asked not to be identified, the business saw a net loss of more than 700 full-time staff as of September. Pittsburgh tech workers on why they chose the lesser-known tech hub. SpaceX CEO Elon Musk said in a tweet that the company would "ask for an exemption to Iranian sanctions."
Well now, some of those laid-off employees are having trouble keeping up with demand from recruiters — and some say they've received reachouts from more than 70 companies. Laid-off Snap employees describe "overwhelming" recruiter outreach. After the company laid off a staggering 20% of its staff, some former workers' inboxes are filled with messages from Facebook, Netflix, and TikTok recruiters. As former employees found themselves without jobs, some told Insider they've fielded dozens of messages from recruiters. What laid-off Snap employees told us.
Nice :-)Today, we've got an inside look at a niche underground market for used Amazon seller accounts — one where fraudsters are wreaking havoc and raising questions about identity theft. People are being bombarded with return packages from Amazon customers. Insider spoke to six victims whose identities were used by fraudsters selling items like bargain-bin clothing and counterfeit goods. Angry Amazon customers are buying and then returning dodgy products — and in doing so, they're bombarding strangers with monthslong deluges of mystery packages. Inside the underground market for used Amazon seller accounts.
Hi, I'm Matt Turner, the editor in chief of business at Insider. (If that term is new to you, it's "a state, society, or group governed by old people.") A new four-month investigation from our politics team looks at the disastrous effect it's having on American democracy. But our government has never been older than it is today. Rebecca Zisser/InsiderWith warm temperatures and low living costs, Florida has been a haven for retirees for decades.
A leaked email shows the firm plans to unfreeze hiring by October, reversing a pause that was set in motion in July. A leaked memo shows Google Cloud plans to unfreeze hiring. In an email sent to staff and obtained by Insider, Brad Calder, Cloud's vice president of technical infrastructure, said leadership is aiming to unfreeze hiring by October. The news comes months after Google announced plans to pull back on hiring due to uncertain economic conditions (though the firm has been hiring for critical roles across certain teams). Calder also said Google Cloud must hone its priorities for 2023, and that there are "too many Code Yellows and Purples."
At New York Fashion Week, blockchain gaming company ChainGuardians debuted its first line of 'phygital' clothing. Web3 enthusiasts and 'Love Island' stars Ekin Su Cülcüloğlu and Davide Sanclimenti attended the event. The unlikely medley of people was brought together earlier this week for a New York Fashion Week runway show that blended real-life fashion with Web 3 couture. "When you're wearing your t-shirt, your avatar in the metaverse will be wearing the same thing," Liu said. "Those are opportunities we can get women into the space, and make it easy to understand — starting with fashion."
Before we begin, some news: This is the last edition before our newsletter goes on hiatus. From bringing in celebrity entertainers to crafting a 26-page custom cocktail menu, she told us what her job is like. Alessandro Biascioli/Getty ImagesThe supply-chain shortage emptying store shelves is coming for one of California's most famous products: wine. Courtesy of Ascent Private CapitalAs a family historian for the ultra-wealthy, Karen McNeill has uncovered stories about Prohibition bootleggers and Alaskan explorers. McNeill helps clients with $75 million or more in assets trace their family lineage to uncover intergenerational health issues, business legacies, and wild stories from their pasts.
Settle in and enjoy some of our best reads from the past week, including stories about wealthy parents buying homes for their adult children, Lululemon's new sneakers, and Raleigh's red-hot housing market. Jessie Casson/Getty ImagesThere's a new trend in the housing market: Wealthy parents are taking out cheap loans they don't need so they can buy homes for their adult children. Lexie Alford23-year-old Lexie Alford recently broke a Guinness World Record by becoming the youngest person to travel to every country in the world. Traveling by boat, plane, and train, Alford told us about her experiences as a solo female traveler crossing the globe. Even as the rest of the housing market shows early signs of cooling, Raleigh has stayed hot, in part because of the area's emergence as a tech hub.
The wealthy have figured out a way to bypass the United States' travel ban: by quarantining at luxury resorts in the Caribbean and Mexico. The CWGen Z and millennials are bringing back an "old money" aesthetic — think country clubs, dinner parties, polo, and yachts. On Wednesdays she has "CEO days," where she focuses on the big picture — business planning and creating ideas. Courtesy of Neave GroupThere's a luxury pool shortage. We spoke to seven luxury pool designers, who described the unprecedented demand.
Another week has come and gone, and you know what that means — it's time for your weekly dose of Insider Life. This week, we're bringing you an inside look at the executive exodus at Gwyneth Paltrow's Goop, sharing an exclusive interview with Patagonia's CEO, and telling you how to get your kid into one of LA's most prestigious preschools. Oh, before we get started, be sure to check out the Insider Crossword — we're publishing new puzzles every morning through October 8. Tadini took us along for a day on the job, starting with a 6 a.m. espresso and cigarette. PatagoniaRyan Gellert, Patagonia's new CEO, is struggling with a paradox: the company's good works, philanthropy, and intentions are still not enough to justify its existence.
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